Following the announcement of Entain's Q3 results, CEO Stella David and Rob Wood, CFO and Deputy CEO, held a conference call to address some of the pressing matters raised by the update.
David wasted no time in assuring listeners that "Entain is back to continually delivering growth" after this set of results marked the fifth consecutive quarter for growth. Not only was Entain back on its feet and heading in the right direction, but David also emphasised that the company was growing in resilience.
For Q3, Entain's NGR grew 4%, with its online NGR up 5%; the operator raised FY25 net revenue guidance to $2.75bn and an EBITDA of around $200m.
September was a very customer-friendly month in sports results, but as David said, "statistically, it just happens sometimes."
Wood chimed in to analyse how Entain is faring across multiple markets, starting off by saying that "UK and Ireland continue to perform well" and that "we continue to be excited about Brazil."
These positive results helped to "digest" declines in the Netherlands and Belgium following regulatory changes.
The two of them also seemed optimistic about Poland: "Many people have come in and made very little money... and we think we've actually got our balance right. The liberalisation of casinos has been pushed back significantly, but long-term, it's going to be a great market and we're in a great position for that."
He reflected on the changes Entain has made in the past year, noting that "we have proof that it's working, not just for Entain, but also for BetMGM" and that "we're excited for the final few months of 2025" - a sense of positivity the European operator scene has been dearly lacking for some time.
Taxes
The topic of taxes came up almost immediately, with David tackling the issue head-on.
She explained that it's really important for people in the industry to connect with people in the government to discuss changes in the industry, such as taxes.
"We are in close dialogue with the Treasury," David said. "It's important that the maths is used, rather than emotion."
"We already contribute around 65% tax", she continued, "Every time the taxes are raised, the black market grows. It's an ongoing dialogue and the maths should dictate where we end up here."
"The alternative is we take down the black market together and we win the Government millions in lost taxes."
Wood was equally as vocal about the issue.
"For every pound we make in the UK, around two-thirds goes to the UK Government," he said.
He also noted that they don't expect "another Netherlands or Belgium" situation in 2026, aside from any potential tax changes in a nod towards the UK.
Despite being optimistic about open communication channels between the industry and the Treasury, Entain is prepared to take mitigation measures if the taxes do come into effect.
David was clear that this would affect retail shops, although she did not go into detail - perhaps cautious following the backlash last week after Evoke went public about the possibility of closing hundreds of William Hill shops.
Meanwhile, Wood pointed to sponsorships and promotions being likely targets for any mitigation.
Prediction markets
One of the most controversial conversation points at the moment, Entain followed in BetMGM's footsteps from yesterday and was clear on how they feel about the matter.
"We are not entering that market," David explained that they are "illegal" and customers prefer services that offer a range of products and services in them, and for this reason, "sportsbooks are superior to prediction markets."
She concluded that while innovation is important and Entain will always look into a particular product if it seems like customers are interested in it, there doesn't seem to be much interest in Europe - perhaps because we already have exchange markets such as Betfair that are licensed by the Gambling Commission.
Final comments
Some final points that are worth mentioning, but did not fit into the categories above.
David laughed that, "there should be a boost to NGR from the World Cup, I'd be crazy not to say that," as the company looks ahead to 2026.
Also in 2026, Wood acknowledged that the company is "looking forward to iGaming in Australia", with developments expected late in the year.
Finally, Wood also explained that while Brazil is growing, most of this is coming from sports betting and that at the moment, "iGaming is not strong."
Brazil recently underwent a retroactive tax rollercoaster, with a 30% retroactive tax on operators first progressing before then being withdrawn
